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Question - Forever Incorporated's partial income statement after its first year of operation is as follows:
Income before income taxes
P3,750,000
Income tax expense
Current
P1,035,000
Deferred
90,000
1,125,000
Net Income
P2,625,000
Forever uses straight-line method of depreciation for financial reporting purposes and accelerated depreciation method for tax purposes. The amount charged to depreciation expenses on its tax return this year was P1,800,000. No other differences existed between book income and taxable income except for the amount of depreciation.
Assuming a 30% tax rate, what amount was deducted for depreciation on the company's book for the current year?
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